Choosing a commercial property for your business is an exciting endeavour that represents progress. Perhaps you’re moving a remote operation to premises, or upgrading to a property with a little more space? Regardless, there are plenty of considerations that need to be made before you dive on in. One of the first considerations to make is whether you want to buy or rent a property, so let’s take a look.
1 . To Buy or to rent?
When you buy a property, of course, you have the advantage of gaining an investment. Money that you pay towards the mortgage contributes to your complete ownership overtime. If you deem the building to need any work or repairs, you’re free to sort these yourself without needing to go through the landlord. One of the cons, however, is that your pretty tied down with a purchase. Buying straight out isn’t always ideal for a start-up (depending on your current financial situation). When you rent, your situation is that bit more flexible, if your needs change you can easily relocate or look for other options.
- To Build?
A third option is having your commercial property built for purpose. This option is particularly attractive if your requirements are rather specific or you aren’t able to find a commercial space that suits your needs. A purpose built commercial property can certainly give you more control over the design and features. Depending on the type of building you require, it can be a great call to check out shed builders for advice and quotes. If you prefer to be involved in the construction process you can simply hire a team to construct the bare necessities of the building. From here, you can deal with the plumbing and electricity etc yourself. For businesses with the know-how, this can be a pretty attractive option.
3 . Write down your needs
Once you’ve decided if you are renting, buying or building, you need to write down a list of your needs. Having a thorough idea of what you are looking for is essential before you start shopping around. Ask yourself how much space do you need? Do you need somewhere for stock- or will this be stored off premises? Which facilities are must-haves? Do you require an open plan layout, or otherwise? It can be helpful to bounce ideas off your team when you are making these considerations. Each team member will have different requirements- so their input can be handy.
- Consider the location
The location is really important when it comes to choosing the right property for your business. Firstly, what kind of image does the location give off? Choosing a location in an undesirable neighbourhood could affect your branding and put off your customers and clients. Unpopular areas often have cheaper price tags, but it’s probably not worth compromising the image of your brand. Next, consider the commute for yourself and your employees- is it feasible? Is the property close enough to public transport options?
- Get a survey
If you’re buying a property, make sure that you have a professional survey carried out before you take it on. Sometimes, surveys can highlight problems that end up being a real deal breaker. It may be that the building hasn’t been surveyed in years, so the current owner isn’t aware of any issues or damage. Some entrepreneurs don’t mind a bit of a fixer-upper property, yet others just want to get straight in and start working!
- Return on investment
Before you make a purchase, ensure that you’ve properly researched the market and the neighbourhood. Is this property likely to increase in value over time? Or is it more likely to decrease? Is the neighbourhood up-and coming or in decline? What other new businesses have cropped up in the area recently? All of these questions should be factored in when you’re figuring out if this property is a wise investment or not.
- Green-business
Older properties aren’t always so energy efficient, as time has progressed we’ve learnt more about designing properties that make for greener-living. In a new-build you’re likely to have excellent insulation, triple glazed windows, and smart-thermostats which reduce your utilities and help you to go-greener. With this in mind, choosing a newer property could be a wise choice for an up and coming business.
- Legal obligations
When you’re shopping for commercial property, it’s vital not to forget about the legal requirements. The place that you are taking on needs to have the right planning permission which permits it to be used for your business dealings. You’ll need to ensure that your stamp duty and business rates are paid are dealt with. It’s also important to ensure that the environment adheres to the correct health and safety regulations. While you’re at it, you should consider the correct business insurance options associated with the property.
- Budget
Finally, ensure that you have a clear budget before you start to take a look at what’s out there. Your budget should reflect your monthly profits, expenses and your predictions for the future. As well as this, you will need to factor in any costs associated with the moving process. For instance, you might be paying for removal costs, storage or a loss of capital due to downtime. A clear picture of your financial situation is crucial to work out your budget.
Once the deal is done, it’s time to start thinking about the perfect layout. If you’ve bought an office space, the decor will need to motivate your employees to produce their most creative work. Use your brand colours and graphics to decorate the space and make the best use of natural light. Create spaces where staff can collaborate plus spaces where individuals can get some quiet work done. Productivity is all about creating the right environment with the best resources for your start-up. Once you’ve chosen a great property, you just need to put your stamp on it!